IPO Details
RHP/DRHPIssue Date
--
Investment/lot
₹ 14070
Price Range
382 - 402
Lot Size
35
IPO Size
₹ 3027.26 Cr
IPO Listing Details
Listing On
4 Feb'25
Issue Price
402
Listed Price
₹ 402
Retail Gain/Listing Gain
▲0.00%
Schedule of Dr Agarwal's Health Care IPO
Start date
End date
Allotment of bids
Refund Initiation
Listing on exchange
04/02/2025
About Dr Agarwal’s Health Care Ltd IPO
The IPO of Dr Agarwal’s Health Care Ltd is a 100% book-built issue comprising a fresh issue and offer for sale. While the fresh issue of equity shares aggregates up to ₹300 crore, the offer for sale comprises up to 67,842,284 equity shares.
Objectives of Dr Agarwal’s Health Care Ltd IPO
The company proposes to utilise the net proceeds from the IPO for:
- Repayment/prepayment, in part or full, of certain of its borrowings
- General corporate purposes and unidentified inorganic acquisition
Dr Agarwal’s Health Care Ltd IPO Valuation
| Detail | Information |
|---|---|
Upper Price Band | ₹402 |
Fresh Issue | Aggregates up to ₹300 crore |
Offer for Sale | Up to 67,842,284 Equity Shares |
EPS (in ₹) for FY 24 | 3.14 (Basic) |
Dr Agarwal’s Health Care IPO Lot Size
The lot size of Dr Agarwal’s Health Care Ltd IPO is 35 and in multiples of 35 thereafter. The table below shows the minimum and maximum lot size retail investors and HNIs can get:
| Parameter | Lot | Shares | Amount in ₹ |
|---|---|---|---|
Retail (Min) | 1 | 35 | 14070 |
Retail (Max) | 14 | 490 | 1,96,980 |
S-HNI (Min) | 15 | 525 | 2,11,050 |
S-HNI (Max) | 71 | 2,485 | 9,98,970 |
Dr Agarwal’s Health Care Ltd IPO Share Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIBs | Not more than 50% of the offer |
Non-institutional Bidders | Not less than 15% of the net offer |
Retail Individual Bidders | Not less than 35% of the net offer |
Industry Outlook:
Owing to the high prevalence of eye disorder in India population, eye care is an integral part of the Indian health care system. The eye care market in India has grown at CAGR of 11.5% between Financial Year 2019 and 2024 to reach the value of ₹378 billion in Financial Year 2024. This market includes surgical and non-surgical treatments for patients suffering from various eye disorders. The Indian eye care industry is projected to grow at CAGR of 12-14% between Financial Year 2024 to 2028 to reach market size of ₹550-650 billion.
About Dr Agarwal’s Health Care Ltd
Dr Agarwal’s Health Care Ltd provides a comprehensive range of eye care services, including cataract, refractive and other surgeries. It also offers consultations, diagnoses and non-surgical treatments and sells opticals, contact lenses and accessories, and eye care related pharmaceutical products.
Dr Agarwal’s Health Care Ltd Strengths
Largest eye care services provider in India with a trusted brand
According to the CRISIL MI&A Report, Dr Agarwal’s Health Care Ltd is India’s largest eye care service chain by revenue from operations for the Financial Year 2024, with approximately 1.7 times the revenue from operations of the second-largest eye care service chain in the country during such period.
End-to-end, comprehensive eye care services offering
The company offers an end-to-end eye care services provider offering a comprehensive set of services, which allows it to cater to all ophthalmic needs of its patients. It provides a comprehensive range of eye care services and products, covering cataract surgeries, refractive treatments and other surgeries. It also offers other services, such as consultations, clinical investigations and non-surgical treatments along with optical and eye care related pharmaceutical products.
Scalable, asset-light, hub-and-spoke operating model
The company’s network operates on a “hub-and-spoke” model which supports high patient volumes and yields economies of scale, allowing greater accessibility and choice to patients while driving efficiency of crucial doctor resources across the network. As of September 30, 2024, its network in India included 28 hubs and 165 spokes.
Dr Agarwal’s Health Care Ltd IPO Risk Factors
-
The company operates in a regulated industry, and its failure to comply with applicable safety, health, environmental, labor and other regulations, or to obtain or renew approvals, may adversely affect its business, reputation, financial condition, results of operations and cash flows.
-
Majority of its facilities are located in Tamil Nadu (in particular, Chennai), Maharashtra and Karnataka in India and any adverse developments in relation to these facilities could adversely affect its business, financial condition, results of operations and cash flows.
-
The company’s international operations expose it to management, legal, tax, political and economic risks, and its failure to address such risks could adversely affect its business, results of operations, financial condition and cash flows.
All Financial Information about Dr Agarwal's Health Care
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Comparison with peers
| Parameter for FY 24 | Dr Agarwal’s Health Care Ltd | Apollo Hospitals Enterprise Limited | Max Healthcare Institute Limited | Fortis Healthcare Limited | Global Health Limited | Narayana Hrudayalaya Limited | Krishna Institute of Medical Sciences Limited | Aster DM Healthcare Limited | Rainbow Children's Medicare Limited |
|---|---|---|---|---|---|---|---|---|---|
Revenue from Operations (in ₹ crore) | 1332.152 | 19059.20 | 6849.00 | 6892.920 | 3275.111 | 5018.249 | 2498.144 | 3698.900 | 1296.900 |
P/E | NA | 107.11 | 95.88 | 82.11 | 57.49 | 33.14 | 79.79 | 136.07 | 67.90 |
Return on Net Worth (in %) | 6.21 | 12.97 | 12.58 | 7.82 | 16.46 | 27.37 | 16.96 | 3.63 | 17.24 |
Basic EPS in ₹ | 3.14 | 62.50 | 10.89 | 7.93 | 17.80 | 38.86 | 7.75 | 3.60 | 21.38 |
Anchor Investor Bidding Date
The anchor investor bidding will take place on 28/1/2024, one day prior to the IPO opening.
IPO Registrar and Book running lead managers
-
Kotak Mahindra Capital Company
-
Morgan Stanley India Company Private Limited
-
Jefferies India Private Limited
-
Motilal Oswal Investment Advisors Limited
The Registrar for the IPO is Kfin Technologies Limited.
Business Model
The offerings of the company include:
- Surgeries, including cataract surgeries, refractive surgeries and other surgeries
- Consultations, diagnoses and non-surgical treatments
- Sale of opticals, contact lens and accessories
- Sale of eye care-related pharmaceutical products
Growth Trajectory
The company’s business has demonstrated attractive financial performance over the last three financial years. Its revenue from operations grew from ₹696.078 crore in FY 22 to ₹1332.152 crore in FY 24. Its EBITDA increased from ₹199.822 crore in FY 22 to ₹406.555 crore in FY 24.
Market Position
According to the CRISIL MI&A Report, Dr Agarwal’s Health Care Ltd had a market share of approximately 25% of the total eye care service chain market in India during the Financial Year 2024. With long-standing operational history, the company endeavours to address all the needs of its patients in their eye treatment journey through a network, which as of September 30, 2024, comprised 209 facilities.
All Financial Information About Dr Agarwal’s Health Care Ltd
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Revenue from operations (in ₹ crore) | 1332.152 | 1017.980 | 696.078 |
Total income (in ₹ crore) | 1376.449 | 1031.494 | 713.784 |
Profit Before Tax (in ₹ crore) | 140.568 | 83.591 | 56.763 |
EBITDA (in ₹ crore) | 406.555 | 283.860 | 199.822 |
Basic EPS (in ₹) | 3.14 | 4.01 | `1.83 |
Cash Flow Statement:
| Parameter | FY24 | FY23 | FY22 |
|---|---|---|---|
Profit Before Tax | |||
Cash generated from operating activity | 345.958 | 233.106 | 164.328 |
Cash generated from investing activity | 913.861 | 509.085 | 155.351 |
Cash generated from financing activity | 552.671 | 303.339 | 35.433 |
Cash and cash equivalent at the end of the year | 111.749 | 126.981 | 99.621 |
How to Check Allotment Status of Dr. Agarwal’s Health Care IPO?
You can check the allotment status of shares either on the website of the Bombay Stock Exchange (BSE) or on the website of the registrar Link Intime India Private Ltd. To check the status on the BSE website:
- Visit the BSE website
- Click on “Investor Services” and choose “Application Status Check”
- Choose the issue type — Equity or Debt
- Select the Issue Name from the drop-down. The issue name is the company’s name, which is Dr. Agarwal Health Care Ltd
- Enter your application number or PAN number
- Check the box which says “I’m not a Robot” and click on “Search” to know the allotment status
To check the status on the registrar’s website:
- Visit the website of Kfin Technologies Limited
- Choose ‘Public Issues’ from Investor Services dropdown
- Choose the name of the company from ‘Select Company’ dropdown
- Enter any of these — PAN Number, Application Number, DP/Client ID, Account Number / IFSC
Click on Submit to check the status
How to Apply for Dr Agarwal’s Health Care Ltd IPO?
To apply for this IPO:
- Step 1: Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section
- Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for
- Step 3: Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange
- Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds
- Step 5: Approve Request: Your funds will be blocked once you approve the mandate request on your UPI
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Dr Agarwal's Health Care IPO FAQs
When is Dr Agarwal's Health Care IPO listing date?
Dr Agarwal's Health Care IPO will list on 2025-02-04.
What is the issue size of Dr Agarwal's Health Care IPO?
3027.26 is the issue size of Dr Agarwal's Health Care IPO.
What is the minimum lot size required for Dr Agarwal's Health Care IPO?
The minimum lot size is 35 shares and the investment required is ₹14070.
What is the price band of the Dr Agarwal's Health Care IPO?
The price band of Dr Agarwal's Health Care IPO is ₹382 to ₹402.
Where can I read more about Dr Agarwal's Health Care business?
You can read more about Dr Agarwal's Health Care and its IPO from the company’s red herring prospectus (RHP) here.
What is the Dr. Agarwal’s HealthCare Ltd Ltd IPO?
The Dr. Agarwal’s HealthCare Ltd Ltd IPO is a 100% book-built issue comprising a fresh issue and an offer for sale. The total issue size is pegged at TBA. While the fresh issue size is up to ₹300 crore, the offer for sale is at 67,842,284 equity shares.
What is the lot size of the Dr. Agarwal’s HealthCare Ltd IPO?
Information on the lot size is yet not available.
